Most Markets Rebound as US Dollar Rally Fades

Group of fund manager analyzing big data for future investment

Building on yesterday’s bounce in North America, Asia Pacific markets rallied overnight. The Nikkei and Hang Seng gained 1.3% and 2.1% respectively. European bourses, on the other hand, are soft today with the DAX and FTSE both down about 0.2%. US index futures are 0.1%-0.2%.

The legality of President Trump’s tariff program is in front of the US Supreme Court this week. It is often noted in the Morning Minutes that Canadian political events tend to be reflected through the Canadian Dollar more than the stock market, and it appears that in this case it may be happening in the US as well.

The US Dollar, which had been rallying lately, has been pulling back this morning. This has enabled Gold to climb back up above $4,000 with a 0.7% gain, while Silver is up 0.9%. The Euro and Pound are up 0.3%, while the Loonie is up 0.1%. Commodities are also climbing today, with Crude Oil and Copper both up 0.6%. On the other hand, Cryptocurrencies are falling, with Bitcoin down 0.9% and Ether down 2.3%, suggesting that investor risk appetite may be fading.

In economic news, US Challenger job cuts jumped to 153K last month from 54K in September, a disappointing number, which contradicts yesterday’s positive ADP private sector payrolls report. Canadian job numbers are due tomorrow morning.

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